IREN (NASDAQ:IREN) Trading Down 9.6% - Here's What Happened

Key Points

• IREN Limited's share price dropped by 9.6%, trading as low as $39.70, with a significant increase in trading volume of 175% compared to the average session.
• Analysts have mixed views, with twelve rating it a "Buy" and setting an average target price of $43.08, while JPMorgan maintained an "underweight" rating with a target of $24.00.
• Following a recent transaction, CEO Daniel John Roberts sold 1 million shares for approximately $33.1 million, reducing their ownership by 6.67%.

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price fell 9.6% on Friday . The stock traded as low as $39.70 and last traded at $41.86. 59,184,595 shares changed hands during trading, an increase of 175% from the average session volume of 21,502,445 shares. The stock had previously closed at $46.29.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IREN. Arete started coverage on IREN in a research report on Wednesday. They set a "buy" rating and a $78.00 target price on the stock. BTIG Research lifted their price objective on IREN from $22.00 to $32.00 and gave the stock a "buy" rating in a report on Tuesday, September 9th. B. Riley increased their target price on IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Friday, August 29th. JPMorgan Chase & Co. reiterated an "underweight" rating and set a $24.00 price objective (up from $16.00) on shares of IREN in a research note on Friday. Finally, Compass Point initiated coverage on shares of IREN in a report on Monday, September 15th. They set a "buy" rating for the company. Twelve analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $43.08.

IREN Trading Down 9.6%

The firm has a market cap of $11.39 billion, a P/E ratio of 70.95 and a beta of 4.03. The business's 50-day moving average is $24.90 and its two-hundred day moving average is $14.53. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The company had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. IREN had a return on equity of 1.34% and a net margin of 33.03%. As a group, analysts expect that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total value of $33,130,000.00. Following the sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 21.55% of the stock is owned by corporate insiders.

Institutional Trading of IREN

Hedge funds have recently bought and sold shares of the company. Hood River Capital Management LLC bought a new position in IREN in the 2nd quarter worth about $74,228,000. Situational Awareness LP bought a new position in IREN in the 1st quarter worth approximately $20,500,000. Merewether Investment Management LP bought a new position in IREN in the 2nd quarter worth approximately $21,025,000. Alkeon Capital Management LLC acquired a new stake in IREN in the 2nd quarter valued at approximately $14,570,000. Finally, Invesco Ltd. raised its stake in IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock valued at $43,341,000 after acquiring an additional 936,333 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors.

About IREN

IREN Limited, formerly known as Iris Energy Limited, owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.

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